Over the course of 2022, the hospitality sector in the Asia Pacific region has grown from strength-to-strength with the region reporting USD$8.4 billion in hotel transactions from Q1 to Q3. The tourism industry has signaled a better-than-expected recovery, with visitor numbers surpassing forecasts with global tourism arrivals poised to rise by 30% in 2023 compared to 2022. The World Travel & Tourism Council also predicted that travel revenue would contribute to overall economic growth by 71%.
